Broker news TV
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The Big Story: Colin Dreyer on lenders
Colin Dreyer tackles the question of shrinking lender options for brokers. But are the brokers behind that trend?
Video transcript below:
Reporter: Brokers seem to be sending more deals to fewer lenders. Could it be due to minimum buyer requirements or a bid to protect status with choice lenders?
Colin Dreyer, President, Verico Financial Group
Colin Dreyer: I think brokers are choosing their lender partners carefully. I think they are submitting to fewer brokers. I think the part of the reason is simply one, if you take into account the number of lenders we have lost over the last few years, there are fewer lenders around. I think the existing lenders do a very good job in serving the broker community and they are asking for a better partnership with individual brokers, they are asking for more loyalty, their compensation programs are geared to that and of course if you work significantly with a smaller group of lenders you will be able to get better service and drive better customers as a consumer which is ultimately the goal, good customer service, good product and good rate acquisition for the consumer. So I think all these are factors that have a bearing on brokers dealing with fewer lenders.
Reporter: Does a shrinking pool of lenders create a shrinking pool of products and in turn create disadvantage for clients?
Colin Dreyer: I don’t think so I think the reason being there is still a healthy stable of lenders that are supplying products to the brokerage community, so in turn it gives consumers the adequate choice that they need in terms of choosing the product and I think it gives the broker adequate responsibility to provide those choices to the consumers. So I think that we are good stead, there is a good stable of lenders out there, that brokers can utilise and give good choice to consumers.
The Big Story: Lenders and grow-ops
Brokers are generally supportive of registering former grow-op properties, but will monolines and banks ever lend on those rehabilitated homes?
The Big Story: The Mortgage Summit 2013
Here's the highlights of the 2nd-annual Mortgage Summit, powered by CMP and bringing together more than 500 industry players for two days of professional development and networking.
The Big Story: The CMAs take the stage
Toronto was host to the 7th annual CMAs, theatre-styled gala honouring 21 industry players from brokers to underwriters. Take in the sights and sounds of this extravaganza.
The Big Story: Fighting doom and gloom
The real estate forecasts of some big players have receive even bigger media attention. That's bad news for brokers sitting on preapprovals. But there is a way to encourage ready buyers into the market.
The Big Story: Rate Madness
When one of the Big Five announced it would match any rate a competitor offered, brokers sat up and took notice, and then they got busy...
How to be a disruptive force
Industry trainer and broker Greg Williamson (Mortgage Professionals Academy) wants brokers to be a distruptive force for change, turning the tables on the banks and the rate wars.
He`ll lay out his strategy at the upcoming Mortgage Summit (May 9 - 10) in Toronto during a luncheon workshop open to all registered attendees.
For more information on the workshop, visit www.themortgagesummit.com/workshop.
Mapping out your marketing plan
Mortgage professional Michael Mullis -- the Mortgage Teacher -- is helping brokers master the art of multimedia marketing, with a session at the upcoming Mortgage Summit revealing all the tricks of that increasingly important trade.
Benefit from BMO's 2.99
Brokers weren't impressed by BMO's 2.99 per cent on its 5-year no-friller, says Centum's Paul Therien, but the offer has highlighted the need to provide clients both rate and expertise.
Bringing client communication in focus
It's not an option, rather a necessity. Still, many brokers haven't yet developed an effective strategy for communicating with clients, says marketing coach Claire Drage, a speaker for the upcoming Mortgage Summit.